What’s Going On With Cardano (ADA) Lately?
Early on Wednesday, Cardano (ADA) seems to be recouping its recent losses, reclaiming the key $1.55 level but there seems to be considerable
Early on Wednesday, Cardano (ADA) seems to be recouping its recent losses, reclaiming the key $1.55 level and slipping slightly lower, but there seems to be considerable caution among investors as the price appears to be rotating around this level. At the time of writing, ADA/USD is trading at around $1.54.
Even as most of the crypto market is still exhibiting signs of weak trading, especially the majors, Cardano’s investors continue to be active. According to a recent report on CryptoSlate, Github activity data puts ADA as the most active token over the past 30 days, closely followed by its rival, Polkadot (DOT).
The network offers much to be bullish about in the near-term despite the current dip in ADA’s value, especially with the upcoming Fund4 Project Catalyst (PC) vote starting in the coming week. The upcoming PC offers an opportunity for Cardano investors to actively participate in influencing the future development of its network through collaboration.
Meanwhile, popular crypto trader Michaël van de Poppe has also shared his reasons to be bullish about the future of Cardano and its ADA token, with his technical analysis of ADA/BTC indicating an uptrend that could also drive ADA/USD higher soon.
Key Levels to Watch
At the moment, the 4-hour price chart of ADA/USD is painting a somewhat bearish picture with most of the moving averages pointing towards higher selling pressure. On the other hand, however, most of the technical indicators are holding steady in their outlook while the momentum indicator is the only one signaling a bullish bias.
With the price sitting close to a key support level, Cardano can move either way. For a bullish trend to form, buyers need to take the price beyond the pivot point sitting at $1.69. On the other hand, increased pressure from sellers at the current point can take ADA’s price all the way down to $1.47 and further lower towards $1.33.
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